System for real time continuous data processing for investment portfolios

ABSTRACT

A real time continuous data inputting, processing, scanning and displaying system for financial data and inputting variable boundaries of data for a variety of desired data characteristics. The process displays when the data characteristics fall outside their respective variable boundaries. Real time financial markets data and conventional data inputs are input into the system which is comprised of conventional and new computer processor enabled processes, clusters of central processing units, a report writer, terminal device, data disk, and interface. The data disks and real time financial market data and conventional data inputs and outputs are continuously referenced during the scanning process for exceptions to the boundaries of desired data characteristics.

CROSS-REFERENCE TO RELATED APPLICATIONS

This application is a divisional of U.S. patent application Ser. No.12/854,748, filed Aug. 11, 2010, which is a divisional application ofU.S. patent application Ser. No. 09/906,157, filed Jul. 16, 2001, whichclaims the benefit of Provisional Patent Application No. 60/218,450,filed Jul. 14, 2000, the entire contents of which are herebyincorporated by reference.

BACKGROUND

1. Field of Invention

This invention relates to real time continuous data processing forinvestment portfolios and continuously displaying data and exceptions topredetermined portfolio guidelines.

This invention further relates to computer processor enabled system forcontinuous real time data receiving, processing, analyzing, counting andscanning of the results of analyses and characteristics of investmentportfolios, investment accounts, and securities, against predetermineddata boundaries and displaying when exceptions to the boundaries occur.

2. Description of Prior Art

Financial services companies, investors and their suppliers commonly usea process that is manually initiated to periodically analyze and monitorcharacteristics of portfolios on a post performance, ad hoc basis withprimarily arbitrary outcomes. In addition, measuring consists primarilyof investment performance and risk calculations while additionalinformation, vital to assessing trends in portfolio additions anddeletions and their impact on the portfolio, are not considered.Portfolio analyses are conducted and reviewed on a random basis,manually initiated, generally monthly or quarterly, well after the factand not while the portfolio is being built and managed.

Given this, investment managers, be they self directed, outsourced orprovided internally by a company, basically “work in the dark” withinvestors not being aware of errors and mistakes until long after thefact and too late to take action. Further, continuous awareness andanalysis of impact of fluctuations in world financial markets are notenjoyed by practitioners.

The current methodology presents still further problems for investorsand investment managers alike. These problems include poor quality andreliability of results of portfolio and account analyses, lack of timelynotification when investors get off track in meeting investment goals,when and how portfolio characteristics are changing against boundaries,when an investment manager deviates from their decision making model orinvestment philosophy, when to replace a manager or make changes in theportfolio composition before it is too late and minimize losses, andwhen and how to fine-tune the portfolio or investment process or both.

SUMMARY

Accordingly, several objects and advantages of my system are that theyautomate portfolio analysis to continuous providing for consistent, highquality and most reliable outcomes and results. The system to use moreinformation more often and therefore output vital information to assesstrends in the impact of portfolio additions and subtractions and priceactivities or fluctuations in world financial markets, or both, on theportfolio.

The system to provide for processing data automatically and continuouslyas the portfolio is being managed and displaying when an exceptionoccurs in the portfolio, against predetermined boundaries. This toprovide for immediate realization of mistakes or errors made byportfolio managers, allowing investors to be the first to know when theyget off track in meeting financial goals and objectives or when amanager deviates from their decision making process or investmentphilosophy.

My system to provide for when and how to make changes in the portfolioand fine-tune the process before it is too late to minimize losses andminimizing overall investment mistakes against predetermined boundaries.

Other objects and advantages are to provide for more efficient andeffective economical business and operating models by those that build,maintain and monitor portfolios or retain or replace third partymanagers, or any combination; to benefit a very large market consistingof investors worldwide; to satisfy a tremendous psychological andeconomic need of all investors to be in the know immediately when theirportfolio falls outside of predetermined; to provide for labor, time andcost savings of the users; to provide for a more convenient and easierto use system for portfolio and continuous scanning and displaying; andto provide for automation of a manual process.

Additional objects and advantages of the system is the ability toprovide for acceleration of process to continuous; to provide forreliability, precision, attentiveness and thoroughness in the investmentmanagement process; to provide for minimization of errors in investmentmanagement; to provide for compatibility with existing data sources andanalytical tools; to provide for no inertia to be overcome for use; toprovide for ease of promotion and grasp of benefit; to provide for usein an existing market benefiting mankind; to provide an enhancement tothe trust between investors and portfolio managers; to provide for theacceleration of the rebalancing decision; and to provide foracceleration of the reallocation decision.

Still, further objects and advantages are to provide for acceleration ofshort fall risk (ahead or behind in goals); to provide for leveraginggood investment decisions if within boundaries; to provide for relief ofthe arduous and daunting task of monitoring and analyzing investmentportfolios; to provide for more cost effective distribution forinvestment managers; to provide for ongoing validity of the compositionand structure of a client's total portfolio; to provide for more andmore timely and high quality communications between investors andmanagers; to provide for determination if investment policy is realisticagainst actual performance over the long term; to provide for objective,consistently applied approach to manager and evaluation; to provide fortracking error minimization; to provide for better tax efficiency; toprovide for motivation to managers to think profoundly about portfolioreturn on an investor basis; to provide for higher probability ofachieving desired returns, goals and objectives; to provide forimmediate awareness of changes in decision making process and investmentphilosophy.

Finally, still further objects and advantages of my invention willbecome apparent from a consideration of the drawings and ensuingdescription.

DESCRIPTION OF DRAWINGS

In the drawings, related Figures have the same number but differentalphabetic suffixes.

FIGS. 1A to 1D shows various components of the system.

FIG. 2 shows the revolving cycle of data and information flow.

FIG. 3 shows the flowchart of the process for inputting, identifying,counting, and displaying exceptions to predetermined data boundaries(i.e. the exceptions process).

FIG. 4 shows the system for investment portfolios and is manual.

FIG. 5 shows the system for investment portfolios, is manual andincludes an interface.

FIG. 6 shows the system for investment portfolios, is manual andincludes an interface and World Wide Web.

FIG. 7 shows the system for investment portfolios, is manual andincludes the World Wide Web.

FIG. 8 shows the real time continuous system which is applied to anydata input.

FIG. 9 shows the real time continuous system which is applied to anydata input and includes an interface.

FIG. 10 shows the real time continuous system which is applied to anydata input and includes the World Wide Web.

FIG. 11 shows the real time continuous system which is applied to anydata input and includes an interface and World Wide Web.

FIG. 12 shows the real time continuous system which is designed forinvestment portfolios and includes an interface.

LIST OF REFERENCE NUMERALS

-   -   14 continuous data inputs    -   16 interface    -   18 Central Processing Unit    -   20 data disk    -   22 pricing and security attribute inputs    -   24 process that controls and directs the apparatus for        processing    -   26 exceptions reporting via the World Wide Web    -   28 process to access data on data disk    -   30 World Wide Web    -   32 process for computerized apparatus to store process results    -   34 report writer    -   36 device to continuously display exceptions results    -   38 World Wide Web application server    -   40 security firewall for the website    -   42 conventional portfolio accounting process    -   44 reporting process    -   46 conventional performance attribution process    -   48 conventional risk analysis process    -   50 continuous scanning for Exceptions and displaying exceptions        process in C++    -   52 batch import process

DETAILED DESCRIPTION OF THE DRAWINGS

A preferred embodiment is illustrated in FIGS. 1A-1D, 3. The system hascontinuous data inputs 14 from multiple sources. These sources includeinvestment managers, custodians of securities, transfer agents, realtime financial markets data, and vendors of data, or any combination.These inputs consist of desired data characteristics of the portfolio,boundaries for each of the desired data characteristics of theportfolio, security data, portfolio data, trade data, position data,quantity data, account data, all validated and reconciled, and areconnected to an apparatus for continuous processing via interfaceprocess 16 via a transmission of data in a batch import process 52.

Interface 16 provides automated data retrieval, validation, and correctand timely import format into conventional portfolio accounting process42. Interface 16 consists of code logic, test logic, inputs datarepository, processing logic, and data destination fields. A pricing andfinancial markets and securities data input 22 is used to continuouslyupdate prices and data to the system and is connected to transmit data.The portfolio accounting process 42 continuously process additions anddeletions and price changes, and calculates investment performance data.

Multiple dedicated central processing units 18 with enough data disk 20and enough memory and processing capacity and capability are used toenable the continuous process. These processes include a process forcontrolling and directing the units for processing 24, a method toaccess data 28 on disk 20, and a continuous reporting process 44 whichconfigures the data output for reporting purposes. Further, additionalprocesses include a conventional performance attribution process 46which continuously processes data and calculates the sources ofperformance from asset allocation, security selection, market timing,and interaction among these and enabled by unit 18, a conventional riskanalysis process 48 for continuously processing data and calculatingrisk and enabled by unit 18, and a “rules” or exceptions process 50 forprocessing and scanning characteristics of the portfolio, and displayingexceptions to predetermined data boundaries and enabled by unit 18.

A storing process 32 is used for units 18 to store this output. Thisoutput is received by the data disk 20 and displayed by device fordisplay 36. Data 26 is the resulting exceptions to boundaries data. AWorld Wide Web or Internet is 30. A report writer 34 is used totranslate accounting, performance attribution, risk, and exception datafrom text file or table format to HTML format. Also needed is a WorldWide Web application server 38 and World Wide Web security firewall 40.

FIG. 2 illustrates the establishment and revolving cycle of data flowused for initial data input and resulting data output.

FIG. 3 illustrates the process 50 flowchart for continuously processing,scanning, identifying, and counting exceptions to boundaries andcontinuously displaying the exceptions to the boundaries. Thisprocessing method is continuous and enabled by units 18.

Operation of the System of FIGS. 1A-1D and 3

Predetermined desired characteristics of portfolios and their respectivetarget ranges or boundaries, all based on portfolio guidelines, in theform of data for the investment securities, accounts, and portfolios areentered into the data boundaries process 50. These boundaries are basedon the objectives and goals of the investor. Specifically, they include,but are not limited, to

a) Short term gains and losses

b) Long term gains and losses

c) Limitation on any special groupings

d) Tracking error

e) Risk

f) Portfolio turnover

g) Investment philosophy of the investment manager or investor if selfdirected (characteristics may include but not be limited to market cap,growth and profitability measures, valuation ratios, economic sectorweightings, earnings and price volatility statistics)

h) Decision making model of the investment manager or investor if selfdirected (characteristics may include but not be limited to market cap,growth and profitability measures, valuation ratios, economic sectorweightings, earnings and price volatility statistics, dividend yield,projections, revenues, roe, etc.)

i) Cash positions

j) Performance attribution

k) Changes in sources of return or loss

l) Number of exceptions allowed by desired characteristic and overall

m) Tracking error v. comparable capital market styles and sub-styles

n) Age of each issue entering the portfolio (new issue or existing)

o) Number of positions

p) U.S. or applicable state tax regulations or both

q) Asset allocation

r) Portfolio return

Next, my system receives data inputs 14 from the investor's investmentmanagers, custodians of securities, transfer agents, and vendors ofdata, or any combination, via batch import process 52. These data inputsconsist of real time financial markets data security data, portfoliodata, trade data, position data, quantity data, account data, allvalidated and reconciled, upon confirmation, and are connected viainterface 16.

Next, the interface 16 provides automated data retrieval, validation,and correct and timely import format into the conventional portfolioaccounting process 42. The interface 16 consists of code logic, testlogic, inputs data repository, processing logic, and data destinationfields. The process 42 then processes data for additions and deletionsin an account or portfolio or both, and therefore calculates investmentperformance.

Multiple dedicated central processing units 18 with enough memory andprocessing capacity and capability to enable the continuous performanceof the process 42 are used. Conventional processes include a reportingprocess 44 which configures the data output for reporting purposes and aconventional performance attribution process 46 which calculates thesources of performance between asset allocation, security selection,market timing, and interaction among these. Further, a conventional riskanalysis process 48 for calculating risk, and a “rules” or exceptionsprocess 50 for continuous processing and scanning characteristics of theportfolio and counting and displaying exceptions to predetermined databoundaries and counting and displaying exceptions to exceptions ofexceptions of boundaries as shown in FIG. 3.

The process 42 is performed first using the output from interface 16 anda pricing and data inputs 22. Next, the risk analysis process 48 isperformed using the output from the interface 16 and the process 42.Next, the process 46 is performed, using the output from the interface16, process 48, and process 42. Next, a collective data from all theseprocesses are received by the central processing units 18. Next, process50 is performed scanning the output from the interface 16, process 48,process 46, and process 42 to find and display exceptions to thepredetermined boundaries.

FIG. 3 process 50 with examples of portfolio characteristics:

First for performance v. the benchmark, conventional portfolioperformance is calculated and compared to benchmark performance anddisplayed and stored; the difference in this amount, known as thetracking error, is displayed and stored. Amount of portfolio performancethat is above or below benchmark performance=tracking error. If thiscomparison results in a tracking error outside the predetermined databoundaries, this is an exception and the process displays the result(the tracking error) and the result is stored.

Second for changes in sectors or any special groupings, each addition ordeletion or both to the portfolio is categorized by economic sector orspecial grouping(s), or both, and its market value obtained from a thirdparty data inputs and added to the existing values of issues in the samesector or special grouping(s) for a total value and displayed andstored. This total value is then compared to the value before theadditions or deletions or both. An exception is created if this value isnot within the predetermined boundaries. If the total value is anexception, the program displays the result and the result is stored.

Third for tax efficiency as the gain or loss is calculated anddetermined to be a short term or long-term gain or loss per U.S. orapplicable state tax regulations or both. Exceptions are created andreported and stored if the amount(s) previously described and calculatedupon each additions or deletions or both do not equal the amountprevious to the additions or deletions or both and outside thepredetermined boundaries, and if so, are reported and stored.

Fourth for top sources of return or loss given that after each additionor deletion or both, a performance attribution analyses is performedincluding but not limited to allocation, selection, interaction, andactive management for any special groupings or single issues or both.Each of these areas is displayed and stored for the top five sources ofreturn or losses for each (allocation, selection, etc.) and for theportfolio overall with respective data boundaries for each.

Fifth for changes in sources of return or loss given that after eachaddition or deletions or both, a performance attribution analyses isperformed including but not limited to allocation, selection,interaction, and active management for any special groupings or singleissues or both. Each of these areas is displayed and stored for the topfive sources of return or losses for each (allocation, selection, etc.).Next, the results in each desired characteristic are compared to thevalues, groupings, etc. after the previous analyses. Exceptions arecreated and reported and stored if the amount(s) previously describedand calculated upon each additions or deletions or both do not equal theamount previous to the additions or deletions or both and outside thepredetermined boundaries, and if so, are reported and stored.

Sixth for Risk as it is conventionally calculated and compared to therisk prior to the additions or deletions or both and displayed andstored; the difference in this amount is displayed and stored. If theadditions or deletions or both in the portfolio results in an increaseor decrease in risk and outside the predetermined boundaries, theprogram displays the exception and reports it and is displayed andstored.

Seventh for changes in cash positions as cash amount is compared toamount previous to the additions or deletions or both and displayed andstored. If the additions or deletions or both in the portfolio resultsin an amount not equal to the predetermined amount and within theboundaries, the program displays the exception and reports it by amountand displayed and stored.

Eighth for investment philosophy and decision making model as eachcomponent of the investment philosophy or decision making model or bothis compared to the boundaries; if an exception is created if thecharacteristics of the existing securities, additions or deletions orboth are outside the predetermined boundaries, it is reported, displayedand stored.

Ninth for the number of exceptions created as the number of times anexception is created for each characteristic and the number ofconsecutive exceptions for each characteristic are counted and ifoutside predetermined boundaries, are displayed and stored.

Tenth for portfolio turnover as portfolio turnover annualized isconventionally calculated and compared to the amount of target turnoverannualized previous to the additions or deletions or both and displayedand stored. If the additions or deletions or both results in anannualized amount not equal to the portfolio target amount annualizedand outside the predetermined boundaries, an exception is displayed andstored.

Eleventh for number of positions as a count is made of the number ofpositions in the portfolio upon the additions or deletions or both andcompared to the predetermined boundaries of positions and displayed andstored. If the number of positions does not equal the number prior tothe additions or deletions or both and outside the predeterminedboundaries, the program displays the exception and reports it by amountand displayed and stored.

Twelfth for portfolio return in that performance annualized isconventionally calculated and compared to the target range return anddisplayed and stored. If the performance of the portfolio does not equalthe target performance, the program displays the exception and reportsit by amount and displayed and stored. This step also includes fullportfolio attribution including allocation, selection, interaction, andactive management.

Thirteenth for asset allocation given that after each addition ordeletion, or both, asset allocation is refigured by the third partysystem and reported and stored. This total value and value for eachasset class and style and substyle and cash is then compared to thevalue(s) before the additions or deletions or both. An exception iscreated if this value is not equal to the prior value before theadditions or deletions or both and outside the predetermined boundaries.If the total value is an exception, the program displays the result andthe result is stored.

Fourteenth for new issues given that after each addition or deletion, orboth, is identified as to whether or not it is a new or existing issue.If it is a new issue, the program signals this and stores the signal(results) and reports that a new issue has entered the portfolio. Thissignal is added to previous signals in order for a running count to bekept of the number of issues that entered the portfolio(s) when theywere new.

This output is received by and stored in the data warehouse 18. Data 26is the resulting exceptions data to boundaries data and a result ofprocess 50. FIG. 3 process 50 refers to additions or subtractions, orboth, in the portfolio and pricing data on financial markets andcontinuously identifies exceptions to the previously determinedboundaries of data characteristics (category). Further, it stores theresults, displays results, counts the number of consecutive exceptionsto each boundary and stores the results; if the number of consecutiveexceptions does not exceed the predetermined exceptions to exceptionsthreshold, then the process is repeated; if the number of consecutiveexceptions does exceed the predetermined exceptions to exceptionsthreshold, then the results are displayed by data characteristics orcategory; if the number of consecutive exceptions to predeterminedexceptions to exceptions boundaries exceeds the threshold count, thecharacteristics are displayed, the process then counts the number ofcharacteristics outside the exceptions to exceptions and stores theresults and displays the number of characteristics in which exceptionsto exceptions have been exceeded; the process is repeated unlessfinancial markets close.

The report writer 34 is used to translate final accounting, performanceattribution, risk, and exception data from text file or table formatfrom the data disk 20 to HTML format. This HTML format data is thenprocessed by the World Wide Web service application 38 and availablethrough the World Wide Web firewall 40. The data can be obtained uponreceiving a signal via the World Wide Web when an exception topredetermined boundaries occurs. The process, beginning with “Theportfolio accounting process 42 is run first”, is real time continuous.

FIGS. 4-12 Additional Embodiments

Additional embodiments of my system are shown in FIGS. 4-12. In FIG. 4the system is designed for investment portfolios and is manual; in FIG.5 the system is designed for investment portfolios, is manual andincludes an interface; in FIG. 6, the system is designed for investmentportfolios, is manual and includes an interface and World Wide Web; inFIG. 7, system is designed for investment portfolios, is manual andincludes the World Wide Web; in FIG. 8 the system is real timecontinuous and can be applied to any data input; in FIG. 9 the system isreal time continuous and can be applied to any data input and includesan interface; in FIG. 10 the system is real time continuous and can beapplied to any data input and includes the World Wide Web; in FIG. 11the system is real time continuous and can be applied to any data inputand includes an interface and World Wide Web; and FIG. 12 the system isreal time continuous and can be applied to any data input and isdesigned for investment portfolios and includes an interface.

Accordingly, one of skill in the art will see that my system providesfor a highly reliable, thorough and attentive system in determining anddisplaying when portfolios fall outside predetermined boundaries, thusenabling investors to know when they get off track in meeting investmentgoals, or when an investment manager deviates from the decision makingmodel, or both.

Additionally, my system provides for input, output, and use ofinformation heretofore not continuously used in the process and allowsthe user to continuously assess trends in the impact of portfolioactivities or fluctuations in prices in world financial markets, orboth, on the investment portfolio. It also provides for immediateawareness of when and how to fine-tune the investment management processbefore it is too late to minimize losses.

Furthermore, my system has the additional advantages in that

a) it provides for more economical business operating models and

b) provides for worldwide application, benefiting mankind and

c) it provides for significant timesavings and

d) it provides for a more convenient and easier way to monitor and scaninvestment portfolios and compatibility with existing data andanalytical process and tools and

e) it provides for acceleration of the portfolio rebalance orreallocation decision, or both and awareness of shortfall risk and

f) it provides for a consistent approach to investment managerevaluation and selection and replacement and

g) it provides for greater tax efficiency.

While my above description contains many specificities, these should notbe construed as limitations on the scope of the invention, but rather asan exemplification of one preferred embodiment thereof. Many othervariations are possible. For example, a system for portfolios, thesystem for portfolios and an interface, the system for portfolios and aninterface and World Wide Web for distributing results, the system forportfolios and World Wide Web for distributing results, system forcontinuous real time capability for portfolios, the system forcontinuous real time portfolios and an interface, the system forcontinuous real time portfolios and an interface and World Wide Web fordistribution of results, the system for continuous real time portfoliosand World Wide Web for distribution of results.

Accordingly, the scope of my system should be determined not by theembodiment(s) described, but by the appended claims and their legalequivalents.

1-28. (canceled)
 29. A computerized system for the analysis ofinvestment portfolios, the system comprising: (a) a data input unit forreceiving a plurality of data inputs, the data inputs comprising data ofone or more investment portfolios wherein at least one investmentportfolio is associated with an investor and wherein the data of one ormore investment portfolios comprises data representative of thecomposition of a portfolio; (b) a change input unit for receiving changedata associated with a change to at least one of the investmentportfolios; (c) a database for storing at least a portion of thereceived data inputs from the data input unit; (d) a processorprogrammed to analyze the change data and at least a portion of the datainputs, wherein the analysis comprises determining whether the changedata results in a deviation from a portfolio guideline, the guidelineunrelated to a performance benchmark.
 30. A computerized systemaccording to claim 29 wherein the processor is programmed toadministrate the data input unit and the change input unit.
 31. Acomputerized system according to claim 29 wherein the deviation from theportfolio guideline corresponds to at least an impermissible addition orsubtraction to a portfolio.
 32. A computerized system according to claim29 wherein the data of one or more investment portfolios comprises datarepresentative of the composition of each respective investmentportfolio.
 33. A computerized system according to claim 29 wherein thechange to an investment portfolio is an investor's investment decision.34. A computerized system according to claim 29 wherein the change datacomprises an addition, a subtraction, or a combination of an additionand subtraction to the portfolio, and wherein the analysis comprisesdetermining, after each addition, subtraction or combination of anaddition and subtraction to the portfolio, whether the change dataresults in a deviation from a portfolio guideline.
 35. A computerizedsystem according to claim 29 further comprising a display device,wherein the processor is programmed to output results of the analysis tothe display device.
 36. A computerized system for the analysis ofinvestment portfolios, the system comprising: (a) a data input unit forreceiving a plurality of data inputs, the data inputs comprising data ofone or more investment portfolios wherein at least one investmentportfolio is associated with an investor and wherein the data of one ormore investment portfolios comprises data representative of thecomposition of a portfolio; (b) a change input unit for receiving changedata associated with a change to at least one of the investmentportfolios; (c) a database for storing at least a portion of thereceived data inputs from the data input unit; (d) a processorprogrammed to analyze the change data, wherein the analysis comprisesdetermining whether the change data results in a deviation from aportfolio guideline, the guideline unrelated to a performance benchmark.37. A computerized system according to claim 36 wherein the processor isprogrammed to administrate the data input unit and the change inputunit.
 38. A computerized system according to claim 36 wherein thedeviation from the portfolio guideline corresponds to at least animpermissible addition or subtraction to a portfolio.
 39. A computerizedsystem according to claim 36 wherein the data of one or more investmentportfolios comprises data representative of the composition of eachrespective investment portfolio.
 40. A computerized system according toclaim 36 wherein the change to an investment portfolio is an investor'sinvestment decision.
 41. A computerized system according to claim 36wherein the change data comprises an addition, a subtraction, or acombination of an addition and subtraction to the portfolio, and whereinthe analysis comprises determining, after each addition, subtraction orcombination of an addition and subtraction to the portfolio, whether thechange data results in a deviation from a portfolio guideline.
 42. Acomputerized system according to claim 36 wherein further comprising adisplay device, wherein the processor is programmed to output results ofthe analysis to the display device.
 43. A computerized method for theanalysis of investment portfolios, the method comprising: (a) receivinga plurality of data inputs, the data inputs comprising data of one ormore investment portfolios wherein at least one investment portfolio isassociated with an investor and wherein the data of one or moreinvestment portfolios comprises data representative of the compositionof a portfolio; (b) receiving change data associated with a change to atleast one of the investment portfolios; (c) storing at least a portionof the received data inputs; (d) analyzing the change data and at leasta portion of the data inputs, wherein the analyzing comprisesdetermining whether the change data results in a deviation from aportfolio guideline, the guideline unrelated to a performance benchmark.44. A computerized method according to claim 43 wherein the deviationfrom the portfolio guideline corresponds to at least an impermissibleaddition or subtraction to a portfolio.
 45. A computerized methodaccording to claim 43 wherein the data of one or more investmentportfolios comprises data representative of the composition of eachrespective investment portfolio.
 46. A computerized method according toclaim 43 wherein the change to an investment portfolio is an investor'sinvestment decision.
 47. A computerized method according to claim 43wherein the change data comprises an addition, a subtraction, or acombination of an addition and subtraction to the portfolio, and whereinthe analysis comprises determining, after each addition, subtraction orcombination of an addition and subtraction to the portfolio, whether thechange data results in a deviation from a portfolio guideline.
 48. Acomputerized method according to claim 43 further comprising (e)outputting results of the analysis to a display device.
 49. Acomputerized method for the analysis of investment portfolios, themethod comprising: (a) receiving a plurality of data inputs, the datainputs comprising data of one or more investment portfolios wherein atleast one investment portfolio is associated with an investor andwherein the data of one or more investment portfolios comprises datarepresentative of the composition of a portfolio; (b) receiving changedata associated with a change to at least one of the investmentportfolios; (c) storing at least a portion of the received data inputs;(d) analyzing the change data, wherein the analyzing comprisesdetermining whether the change data results in a deviation from aportfolio guideline, the guideline unrelated to a performance benchmark.50. A computerized method according to claim 49 wherein the deviationfrom the portfolio guideline corresponds to at least an impermissibleaddition or subtraction to a portfolio.
 51. A computerized methodaccording to claim 49 wherein the data of one or more investmentportfolios comprises data representative of the composition of eachrespective investment portfolio.
 52. A computerized method according toclaim 49 wherein the change to an investment portfolio is an investor'sinvestment decision.
 53. A computerized method according to claim 49wherein the change data comprises an addition, a subtraction, or acombination of an addition and subtraction to the portfolio, and whereinthe analysis comprises determining, after each addition, subtraction orcombination of an addition and subtraction to the portfolio, whether thechange data results in a deviation from a portfolio guideline.
 54. Acomputerized method according to claim 49 further comprising (e)outputting results of the analysis to a display device